50 Cent explained that in lieu of continuing the project with Sleek Audio, he has chosen to establish his own company to release the item. Although the project has been stalled for the time being, he added that he is planning to see the release of his headphones through to the end.

"As reported, the license arrangement between my company, G-Unit, and Sleek Audio to produce headphones branded as 'Sleek by 50' has been cancelled," 50 explained. "Instead, I have established a new company that is developing a complete line of audio accessories, including wireless headphones, offering superior sound quality along with cutting edge technology for all music lovers to enjoy."

He also added, "As an artist, I am committed to bringing top-of-the-line audio products to my fans, and I am excited that I have the resources to achieve just that with this new venture."

12 Comments

DX Reviewer

Anonymous

This is near suicide investment...Theres tons of companies ahead of him on this, with much more resources working on the same thing..50 has a lot of money, but he doesnt have enough money to pull this off. I say stick to indie movies and find some other angle to play

jussayin

I know that he is using the wireless aspect as a selling point. Especially since his direct competition is not offering wireless but I believe that is the drawback. No one wants wireless headphones because they are too much of an inconvenience. I have yet to own a pair of quality wireless headphones that seem practical to use on a daily basis. That and I can buy a much better pair of headphones from several companies that are known for their headphones, speakers, monitors, etc. I think you will see this fade like some of his other get as rich as Diddy and Jay scheme. I would be more interested in him producing a cheap knock off MPC or Triton. He could combine an mp3 "turntable" with an MPC. Capitalize off of them suburban kids that want to make beats in their basement. Or make it more accessible to children that look up to him that want to try there hand at it but can't afford something like an MPC or a Triton. Just what I think tho...

Anonymous

Bankster

Good Business.
TV Goods, Inc. Clarification of Its Relationship with 50 Cent's SMS Audio, LLC
9:07a ET May 9, 2011 (Market Wire)
TV Goods, Inc. ("TV Goods"), a direct response marketing organization and wholly owned subsidiary of H & H Imports, Inc. (OTCBB: HNHI), in response to what it feels is some confusion in the market, has issued a clarification of its relationship with 50 Cent and SMS Audio, LLC ("SMS"), an affiliate of rapper and business-mogul 50 Cent.
On Friday, Sleek Audio LLC issued a press release stating that it had terminated its relationship with 50 Cent and his companies and that Sleek had also terminated an earlier tri-party deal between Sleek, G-Unit LLC (a company owned by 50 Cent) and TV Goods. In actuality, it was G-Unit that terminated a Brand Licensing Agreement that it had entered into with Sleek, which termination automatically triggered the termination of the earlier announced tri-party agreement.
However, not long after the termination of the tri-party agreement, TV Goods and 50 Cent, via his affiliate company, SMS Audio, LLC, entered into a Term Sheet for the two parties to continue joint efforts to produce and distribute a direct response television infomercial to globally market a wireless over-the-ear headphone product offered or sold by SMS that is endorsed by and/or and bears the name of "50 Cent." Sleek is not a party to that Term Sheet.
The original Term Sheet, as previously announced, was strictly limited to marketing the "Sleek by 50" product and was dependent upon SMS and Sleek reaching an agreement on the acquisition of rights to that product. Under the revised Term Sheet, the definition of "Product" is now not restricted to an over-the-ear headphone product only from Sleek but now includes an over-the-ear headphone product offered or sold by SMS that is endorsed by and/or and bears the name of "50 Cent." This could result in getting a product to market sooner. It also removes the requirement that SMS first reach an understanding with Sleek. Now that is no longer required to be accomplished before TV Goods and SMS move forward on a product.
50 Cent, through his affiliate organizations, remains a significant shareholder of TV Goods, owning 7.5 million shares and 22.5 million warrants, which he, via his affiliate G-Unit, purchased for $750,000.
At the time the term sheet was originally announced 50 Cent stated, "I feel TV Goods is the right partner for direct response marketing of our first audio product. This is their specialty. I know quality sound equipment, and TV Goods knows how to bring it to consumers through their living rooms."
When the terms of the arrangement were updated, Kevin Harrington, Chairman of TV Goods, in a previous press release said, "We love working with 50 and hope to expand our collaboration with him to other categories of products."
About The Company:
H & H Imports, Inc. is the parent company of TV Goods, Inc. TV Goods, Inc. is a direct response marketing company. We identify, develop and market consumer products for global distribution. TV Goods was established by Kevin Harrington, a pioneer of direct response television. For more information go to www.TVGoodsInc.com.

Alex Hayford

damnkids

Well, if he didn't lose money I can say that he did lose a bit of credibility as far as this venture goes. I am not sure if it was something that he bought into or something that he was paid to promote. It seems to me that he was investing himself because if that company was paying him for his name I don't believe he would be able to simply walk away or terminate the deal. That and he is still going with the whole "wireless" gimmick as if that idea is groundbreaking. I can't see him throwing more money into that well. The competition is stiff and I would go with the Dre headphones if I even considered buying such a product. If you are looking for a nice pair of headphones I don't think you are going to be looking for rappers names associated with them. Show me someone that has a couple hundred dollars to spend on headphones to listen to their mp3s. Should be target DJs and aspiring producers and if that is the case, take your name off of the product and start a serious company that caters to DJs or beginners on a budget. Minus the whole This was made by 50 Cent, see that is his name right there. On my headphones, on my speakers, on Ipod case, on my sneakers, on my T shirt, on my water bottle. He needs to start making bikes. Call the company Down the Street. Why? Cuz every bike he rode before he was 15 was from Down the Street and back in the day when he was your age he had to walk Down the Street to get it. Dude has money, needs to think big instead of trying to cash in on other peoples ideas that he tweaked a little bit. Dude needs to do what he is good at it and throw money at someone to do the thinking for him. Start his own company to produce the product? Why didn't I think of that before...hmmm.. my bet is that he lost money. Stop calling people stupid we don't need to be little girls here. We can have intelligent conversations and present our side of the argument without knocking on each other.

MikeMPT

No, you gotta be smart... he lost tons of money investing in the company, and that my friend is money lost. Bad Investment. Plus he is too little too late to join the headphone game. He should invest in something new.

Kendall Walters

you must not be smart.. instead of sleek making money of their employees to make the head phones he is starting his own business so he can make money MAKING the products and SELLING THEM with other products as well other than headphones.
Simple math to me makes it sound like a smart move